San Diego, California--(Newsfile Corp. - October 26, 2021) - The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) securities between December 27, 2018 and August 5, 2021, inclusive (the "Class Period") have until this Monday, November 1, 2021 to seek appointment as lead plaintiff in Luo v. Spectrum Pharmaceuticals, Inc., No. 21-cv-01612, the Spectrum Pharmaceuticals class action lawsuit. The Spectrum Pharmaceuticals class action lawsuit was commenced on August 31, 2021 in the District of Nevada and charges Spectrum Pharmaceuticals as well as certain of its top executives with violations of the Securities Exchange Act of 1934.
If you wish to serve as lead plaintiff of the Spectrum Pharmaceuticals class action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the Spectrum Pharmaceuticals class action lawsuit must be filed with the court no later than this Monday, November 1, 2021.
CASE ALLEGATIONS: Spectrum Pharmaceuticals is a biopharmaceutical company whose products under development include, among others, ROLONTIS (eflapegrastim), a novel long-acting granulocyte colony-stimulating factor for chemotherapy-induced neutropenia. In December 2018, Spectrum Pharmaceuticals submitted a Biologics License Application ("BLA") to the U.S. Food and Drug Administration ("FDA") for ROLONTIS as a treatment for chemotherapy-induced neutropenia (the "ROLONTIS BLA").
The Spectrum Pharmaceuticals class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) the ROLONTIS manufacturing facility maintained deficient controls and/or procedures; (ii) the foregoing deficiencies decreased the likelihood that the FDA would approve the ROLONTIS BLA in its current form; (iii) Spectrum Pharmaceuticals had therefore materially overstated the ROLONTIS BLA's approval prospects; and (iv) as a result, Spectrum Pharmaceuticals' public statements were materially false and misleading at all relevant times.
On August 6, 2021, Spectrum Pharmaceuticals announced receipt of a Complete Response Letter ("CRL") from the FDA regarding the ROLONTIS BLA. The CRL cited deficiencies related to manufacturing and indicated that a reinspection of Spectrum Pharmaceuticals' manufacturing facility will be necessary. On this news, Spectrum Pharmaceuticals' stock price fell more than 21%, damaging investors.